That is fiction. Their 2015 "earnings" were generated by a change in accounting treatment on a building they sold for $70M+ in 2014. In the actual business of operating gyms and selling memberships, they continue to lose money. Time will tell whether their new low fee strategy (basically planet fitness) will return them to profitability.
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The CEO of CLUB (Patrick Walsh) runs a hedge fund (PW Partners) which owns over 3 million shares of CLUB, That would be a good place to start. That fund along with 2 other funds own nearly half of CLUB. If you are short right now, the real question is how to cover when only 14k shares are traded today and the price is still going up. Who is going to provide the shares to cover? I own 30k shares and see no reason at all to sell.
Word on the street is that CLUB is doubling down on their chicanery next week and also throwing in some shenanigans and wacky hijinks. Look for $4.30 by the end of the week.
Fees too HIGH, too many restrictions, cancellation process is a b*tch. NO THANKS! free bagels and pizza at planet fitness and the cost is ten times cheaper.
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Many mutual funds have covenants that they cannot buy/hold stocks under $3 which is one of the reasons CLUB tanked so much after going under that level. Could see more buyers once CLUB is back over $3.
CLUB was not expected to be profitable, they are close to it or are now. They switched to monthly membership and that seems to be the future.
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